Millions in Tax Credits for Low-Income Area Investment COming to Northeast Ohio
The U.S. Treasury has awarded Northeast Ohio more than $100 million in tax credits to help spur investment and economic development in low-income areas.
This year’s round of New Markets Tax Credits includes $45 million for an investment fund affiliated with the Port of Cleveland. Another $60 million is going to the Greater Cleveland Partnership affiliate “Cleveland Development Advisors.” It invests private funds for real estate development projects.
The group’s president, Yvette Ittu, says uses for this year’s tax credits are still being decided. But she says the $50 million awarded last year,went toward renovations for schools and housing and improvements to Salvation Army facilities.
“There’s one in the Harbor Light in downtown, a renovation of the site over in West Park; there’s going to be a new facility that’s going up in Collinwood and one in East Cleveland.”
The New Markets Tax Credits began in 2001. This year the Treasury awarded its largest amount ever, $7 billion to 120 community development organizations nationwide.